Market Overview:
The global freight audit and payment market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for customized freight audit and payment services by SMEs and large enterprises, and the growing adoption of freight audit and payment solutions by businesses across regions. The global freight audit and payment market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into customized service and standardized service. Customized service accounted for a larger share of the global freight audit and payment market in 2017 owing to its ability to meet specific needs of businesses with respect to their shipping requirements.
Product Definition:
Freight Audit and Payment is the process of verifying freight invoices against shipping documents to ensure that the correct charges have been applied and that payment is made to the correct party. The importance of Freight Audit and Payment lies in its ability to ensure accurate billing, timely payment, and improved cash flow.
Customized Service:
Customized service is a term used in freight audit and payment industry to express that the shipper has selected goods from numerous suppliers, loaded them on the carrier's vehicle and accepted delivery of those goods. At this juncture, it becomes necessary for the carrier to perform certain tasks such as calculate freight charges based on weight, volume or distance of shipment along with recording details about shipments in its system.
Standardized Service:
The freight audit and payment industry is expected to grow at a significant pace owing to the increasing demand for freight auditing services by shippers, carriers, receivers and third-party logistics (3PL) companies. The growing complexity of transportation management has led to an increased demand for efficient service providers that can manage all the processes in real-time. This has further created a need among organizations for standardizing their processes with those of their service providers so as to achieve better results in lesser time.
Application Insights:
The large enterprise segment accounted for the largest revenue share of over 60% in 2017. The segment is expected to witness significant growth over the forecast period owing to rising demand for freight audit and payment solutions from large enterprises that ship bulk materials such as electronic components, medical devices, and chemicals across the globe.com offers customized services to its clients that meet their specific needs which include integration with third-party logistics providers as well as domestic transportation systems such as railways and waterways.
SMEs are considered small businesses that engage in international trade activities or supply chain management of imported/exportable goods ranging from 500 Kgs & Above category wherein they face numerous challenges including lack of experience in foreign trade operations, non-availability of dedicated space within their premises suitable for installation of a computerized data terminal (CDT), high initial investment required for its operation along with training cost incurred while learning how to use it etc.
Regional Analysis:
North America dominated the global freight audit and payment market in 2017. The region is expected to retain its position throughout the forecast period owing to presence of a large number of auditing companies, such as APC Transport Advisory and T2 Corporation. The Asia Pacific freight audit and payment market is anticipated to grow at a lucrative rate over the forecast period. This growth can be attributed to increasing trade activities across emerging economies, such as China, India, Thailand etc., which has led to an increase in transportation costs for businesses operating within this region.
Growth Factors:
- Increasing demand for freight audit and payment services from small and medium-sized businesses (SMBs) due to the benefits of cost savings, improved cash flow, and risk management.
- The increasing popularity of cloud-based freight audit and payment solutions that offer SMBs real-time visibility into their spending, as well as the ability to automate many processes for a more efficient workflow.
- The growth of ecommerce has led to an increase in shipping volumes, which is driving demand for freight audit and payment services that can help companies manage their transportation costs more effectively.
- Rising fuel prices are causing companies to look for ways to reduce their transportation expenses, which is leading them towards using freight audit and payment solutions as a way to optimize their supply chains.
Scope Of The Report
Report Attributes
Report Details
Report Title
Freight Audit and Payment Market Research Report
By Type
Customized Service, Standardized Service
By Application
SME (Small and Medium Enterprises), Large Enterprise
By Companies
nVision Global, PayAnyBiz, Green Mountain Technology, Trax Technologies, U.S. Bank Freight Payment, Software Solutions Unlimited (SSI), National Traffic Services, Data2Logistics, CTSI-Global, Cass Information Systems, ControlPay, CT Logistics (The Commercial Traffic Company)
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
238
Number of Tables & Figures
167
Customization Available
Yes, the report can be customized as per your need.
Global Freight Audit and Payment Market Report Segments:
The global Freight Audit and Payment market is segmented on the basis of:
Types
Customized Service, Standardized Service
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
SME (Small and Medium Enterprises), Large Enterprise
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- nVision Global
- PayAnyBiz
- Green Mountain Technology
- Trax Technologies
- U.S. Bank Freight Payment
- Software Solutions Unlimited (SSI)
- National Traffic Services
- Data2Logistics
- CTSI-Global
- Cass Information Systems
- ControlPay
- CT Logistics (The Commercial Traffic Company)
Highlights of The Freight Audit and Payment Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Customized Service
- Standardized Service
- By Application:
- SME (Small and Medium Enterprises)
- Large Enterprise
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Freight Audit and Payment Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Freight audit and payment is a process of verifying the accuracy of freight bills, invoices, and payments. This helps ensure that goods are delivered to their destination on time and in accordance with contractual agreements.
Some of the major players in the freight audit and payment market are nVision Global, PayAnyBiz, Green Mountain Technology, Trax Technologies, U.S. Bank Freight Payment, Software Solutions Unlimited (SSI), National Traffic Services, Data2Logistics, CTSI-Global, Cass Information Systems, ControlPay, CT Logistics (The Commercial Traffic Company).
The freight audit and payment market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Freight Audit and Payment Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Freight Audit and Payment Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Freight Audit and Payment Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Freight Audit and Payment Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Freight Audit and Payment Market Size & Forecast, 2018-2028
4.5.1 Freight Audit and Payment Market Size and Y-o-Y Growth
4.5.2 Freight Audit and Payment Market Absolute $ Opportunity
Chapter 5 Global Freight Audit and Payment Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Freight Audit and Payment Market Size Forecast by Type
5.2.1 Customized Service
5.2.2 Standardized Service
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Freight Audit and Payment Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Freight Audit and Payment Market Size Forecast by Applications
6.2.1 SME (Small and Medium Enterprises)
6.2.2 Large Enterprise
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Freight Audit and Payment Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Freight Audit and Payment Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Freight Audit and Payment Analysis and Forecast
9.1 Introduction
9.2 North America Freight Audit and Payment Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Freight Audit and Payment Market Size Forecast by Type
9.6.1 Customized Service
9.6.2 Standardized Service
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Freight Audit and Payment Market Size Forecast by Applications
9.10.1 SME (Small and Medium Enterprises)
9.10.2 Large Enterprise
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Freight Audit and Payment Analysis and Forecast
10.1 Introduction
10.2 Europe Freight Audit and Payment Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Freight Audit and Payment Market Size Forecast by Type
10.6.1 Customized Service
10.6.2 Standardized Service
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Freight Audit and Payment Market Size Forecast by Applications
10.10.1 SME (Small and Medium Enterprises)
10.10.2 Large Enterprise
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Freight Audit and Payment Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Freight Audit and Payment Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Freight Audit and Payment Market Size Forecast by Type
11.6.1 Customized Service
11.6.2 Standardized Service
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Freight Audit and Payment Market Size Forecast by Applications
11.10.1 SME (Small and Medium Enterprises)
11.10.2 Large Enterprise
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Freight Audit and Payment Analysis and Forecast
12.1 Introduction
12.2 Latin America Freight Audit and Payment Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Freight Audit and Payment Market Size Forecast by Type
12.6.1 Customized Service
12.6.2 Standardized Service
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Freight Audit and Payment Market Size Forecast by Applications
12.10.1 SME (Small and Medium Enterprises)
12.10.2 Large Enterprise
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Freight Audit and Payment Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Freight Audit and Payment Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Freight Audit and Payment Market Size Forecast by Type
13.6.1 Customized Service
13.6.2 Standardized Service
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Freight Audit and Payment Market Size Forecast by Applications
13.10.1 SME (Small and Medium Enterprises)
13.10.2 Large Enterprise
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Freight Audit and Payment Market: Competitive Dashboard
14.2 Global Freight Audit and Payment Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 nVision Global
14.3.2 PayAnyBiz
14.3.3 Green Mountain Technology
14.3.4 Trax Technologies
14.3.5 U.S. Bank Freight Payment
14.3.6 Software Solutions Unlimited (SSI)
14.3.7 National Traffic Services
14.3.8 Data2Logistics
14.3.9 CTSI-Global
14.3.10 Cass Information Systems
14.3.11 ControlPay
14.3.12 CT Logistics (The Commercial Traffic Company)
